Vertex Pharmaceuticals Non-Employee Board Compensation
EX-10.42 9 vrtx10k_2015-exhibit1042.htm EXHIBIT 10.42 Exhibit
Exhibit 10.42
Vertex Pharmaceuticals Non-Employee Board Compensation | |||
Annual Retainer | $85,000 | ||
Committee Chair Compensation | |||
Audit & Finance Committee Chair | $30,000 annual retainer | ||
Management Development & Compensation Committee Chair | $25,000 annual retainer | ||
Corporate Governance & Nominating Committee Chair | $20,000 annual retainer | ||
Science & Technology Committee Chair | $20,000 annual retainer | ||
Committee Membership Fee (Non Chairs) | |||
Audit & Finance Committee Member | $15,000 annual retainer | ||
Management Development & Compensation Committee Member | $10,000 annual retainer | ||
Corporate Governance & Nominating Committee Member | $10,000 annual retainer | ||
Science & Technology Committee Member | $10,000 annual retainer | ||
Lead Independent Director Compensation | $40,000 annual retainer | ||
Equity Grants | |||
Upon first election to the Board, a $550,000 value-based award, based on a 50/50 mix of restricted stock and options • Options vesting quarterly over four years • Restricted stock vesting annually over four years | |||
On June 1 on each year of service, a $550,000 value-based award, based on a 50/50 mix of restricted stock and options • Options are fully vested upon grant • Restricted shares cliff vest on the 1 year anniversary of the grant date | |||
Each of our non-employee directors is eligible to defer the cash and restricted stock portion of his/her compensation set forth above and elect to receive deferred stock units that convert to common stock in specified circumstances. | |||
